Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down – What’s Next?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) gapped down prior to trading on Wednesday . The stock had previously closed at $248.73, but opened at $230.84. Old Dominion Freight Line shares last traded at $236.2660, with a volume of 485,117 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on ODFL shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research report on Monday. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Wolfe Research upped their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research report on Tuesday, April 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $210.71.

Old Dominion Freight Line Stock Down 5.9%

The firm has a fifty day moving average of $212.27 and a 200 day moving average of $187.56. The stock has a market cap of $48.70 billion, a PE ratio of 49.05, a price-to-earnings-growth ratio of 5.01 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 earnings per share. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.37 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 10.00% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of Old Dominion Freight Line by 5.3% during the first quarter. Parallel Advisors LLC now owns 2,500 shares of the transportation company’s stock worth $489,000 after purchasing an additional 125 shares in the last quarter. NewEdge Advisors LLC raised its position in Old Dominion Freight Line by 8.7% in the 1st quarter. NewEdge Advisors LLC now owns 5,895 shares of the transportation company’s stock valued at $1,152,000 after purchasing an additional 470 shares during the last quarter. First Nebraska Trust Co purchased a new stake in Old Dominion Freight Line in the 1st quarter valued at $379,000. Axiom Investment Management LLC purchased a new stake in Old Dominion Freight Line in the 1st quarter valued at $63,000. Finally, Summitry LLC raised its position in Old Dominion Freight Line by 2.5% in the 1st quarter. Summitry LLC now owns 223,625 shares of the transportation company’s stock valued at $43,696,000 after purchasing an additional 5,450 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.